A Guide to the Singapore Regulations for Cryptoasset Businesses

Authors
NizamI

Nizam Ismail

Founder and CEO
Ethikom Consultancy
Mriganka Pattnaik

Mriganka Pattnaik

Co-founder and CEO
Merkle Science

Singapore is one of few countries with robust and yet progressive laws to regulate cryptocurrencies, enabling cryptoasset businesses to operate freely in the country. In fact, some of the largest cryptocurrency businesses call the Island nation their home. Authorities in Singapore have been working on developing the country as a Smart Financial Centre for many decades now through FinTech and innovations such as cryptocurrencies — and its sophisticated regulatory frameworks are paving the way toward its goal. Our guide to the Singapore regulations for crypto businesses provides you with a comprehensive overview of current and upcoming regulations, the MAS’s licensing procedure, and AML/CFT compliance requirements.

Why read this guide?

document
Comprehensive overview of all cryptocurrency regulations in Singapore
analytics
Details about MAS’ licensing regime and how you can apply for it
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Coverage of proposed regulations in Singapore
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Overview of the MAS' AML/CTF compliance requirements
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Recommendations from Merkle Science on how we can help you

Why Merkle Science for MAS Compliance

1

Customize Risk Parameters

Behavior-based Rule Engine allows you to customize risk parameters and monitor suspicious transaction patterns not associated with known sanction lists or blacklisted entities. 

2

Automate Compliance and AML Process

From basic AML/CFT automation to advanced custom reporting, automate intricate and time-consuming AML processes to meet regulatory requirements.

3

Comply With Local & Global Regulations

Maintain a record of every step leading to compliance decisions through a single platform, including generating and filing SAR/STR reports, and maintaining audit trail records.

4

Onboard Customers Confidently

Screen every user before establishing a relationship with them, and filter individuals and groups trying to conceal their identity to perform illicit activities.

5

Integrate Easily

Flexibility to easily integrate with your existing infrastructure through our APIs or use it as a standalone solution. 

Gerry Eng

"Merkle Science’s impressive suite of blockchain transaction monitoring solutions immediately supports our efforts to comply with the latest AML/CFT regulations in Singapore, and provides real time results that are of great value add for digital asset businesses. Their local presence in Singapore has also allowed for greater alignment with our commercial goals, and will allow us to further enhance our product offerings for our customer base."

Gerry Eng
Co-founder and CTO
coinhako
Zac Cheah

“Merkle Science is a known and trusted name in the industry. More than just the years of experience they bring with them, Merkle Science has long been recommended by the Singapore Fintech Association for their strict compliance with industry regulations. What we’re doing with Merkle Science is just the next logical step in creating a safer platform backed by blockchain and crypto-assets. The sooner we develop a healthy ecosystem around these technologies, the better.”

Zac Cheah
Co-founder and CEO
pundi